Puerto Rico’s economy is displaying promising signs of growth. When examining the figures for total employment in 2021 and 2022, it shows that these numbers are on the rise. In Puerto Rico, there is a notable 6.7% increase in employment, from 843,810 employees to 900,650. Similarly, the average hourly salary experienced a 6.1% increase, going from $14.65 to $15.54 between 2021 and 2022. With the recent increase of the minimum wage to $9.50, Puerto Rico aims to further boost these numbers, potentially resulting in a significant rise in the average salary in 2023.
Analyzing the data on total employment per industry in Puerto Rico, every sector saw a positive change from 2021 to 2022. The utility industry observed the highest increase in employment, with a remarkable surge of 96.6%, followed by the art, entertainment, and recreation industry with a 26% increase. Contrarily, the federal and state government sectors experienced the lowest growth in employment, with a 0.4% increase from 2021 to 2022. However, even though this industry had the lowest change in employment, they have the highest number of employees with 135,770 workers in 2022 out of all the industries.
Turning attention to the average hourly salary per industry in Puerto Rico, each sector also displayed positive changes. The information industry witnessed the most significant increase in average salary, rising by 14.6%. Their average hourly salary in 2021 was $17.64, which escalated to $20.22 in 2022. Following closely behind, the real estate industry experienced a 13.3% increase, with their average hourly salary climbing from $12.19 in 2021 to $13.81 in 2022. On the other hand, the education service sector had the lowest change, with a modest 2.7% increase. The average hourly salary in 2021 stood at $16.53, while in 2022, it rose to $16.97.
These numbers provide encouraging indicators for Puerto Rico’s economy as everything is on an upward trajectory. Both employment and salaries are steadily increasing, ensuring that the people of Puerto Rico are earning a decent income. It is expected that these numbers will continue to rise annually, further strengthening the economic landscape of Puerto Rico.
